Business
India's Venezuelan oil flows may hit 465,000 barrels daily
The Hindu BusinessLine··4d ago
India's Venezuelan crude deliveries could rise to about 465,000 barrels a day in October from 196,000 in September, Kpler estimated. Flows would be the highest since December 2019 if cargoes arrive on time. Sumit Ritolia said October totals may near 350,000 barrels daily. Ship tracking data list Sikka, the port for Reliance's Jamnagar refinery, as the destination.
Prism
What It Means For You
- Higher Venezuelan flows could shift refinery intake on India's west coast this month.
- Merey crude trades at about a $16 per barrel discount to ICE Brent, traders said.
- Freight to India's west coast adds about $33 a barrel, according to traders.
What's Happening
- Kpler expects October Venezuelan deliveries near 465,000 barrels a day if schedules hold.
- September imports were about 196,000 barrels a day, the analytics firm estimated.
- All listed cargoes name Sikka, the port for Reliance's Jamnagar refinery complex.
Why refiners want Merey crude
- India resumed Venezuelan purchases in February after a yearlong pause, reports said.
- Russia's share in India's crude imports fell to about 35 percent in September, Kpler said.
- Ritolia said some tankers may not discharge before month-end, lowering final October totals.
all-news
